Nonferrous Metals Move Weak with SHFE Lead Leading Gain (2017-11-20)

Published: Nov 20, 2017 17:15

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Nonferrous metals move weak with a differentiated tendency, with SHFE Lead leading gain with over 1% rise.

At the daytime closure, ferrous metals gain a universal rise. Coke surges 4.01%. Coking coal rises nearly 3%. Iron ore, RB steel rise over 1%. Hot-rolled coil slightly rises. Nonferrous metals move weak with a differentiated tendency, with SHFE Lead leading gain with over 1% rise. SHFE Zinc, Nickel and Copper slightly rises. SHFE Aluminium leads loss with over 2% drop. SHFE Tin slightly drops.

Aluminium: Maintain views of downward tendency for aluminium price in the short term.

Tin: Today see a universal rise for domestic commodities with a differentiated result for nonferrous metals. SHFE Tin keeps volatile under pressure of various moving averages. In the short term it is estimated to keep this tendency with support below of 141,000 yuan per tonne and upper resistance at 144,000 yuan per tonne.

Copper: Today SHFE Copper rushes high and retraces, struggling at 60-day moving average. In the short term it is very hard to break the volatile tendency. In night see speech of Draghi, president of ECB.

Zinc: Today SHFE Zinc keeps weak with an upper shadow at closure. Rising amount of last Friday is eliminated. Without good news of fundamentals, it is estimated to move around 25,000 yuan per tonne and keep struggling.

Nickel: In night SHFE Nickel is estimated to keep volatile. In night need to focus on speech of Draghi, president of ECB and monthly ratio of US Conference Board's measure of leading economic indicators in October.

Lead: SHFE Lead stops drop and rises but the upward impetus is not sufficient. With pressure of upper various moving averages, it is estimated to keep volatile within range.

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